Profits break £100m as technology group increases its Pace

PROFITS and its dividend rose sharply at technology group Pace after enjoying a very strong year.

Pre-tax profits at the Saltaire-based company rose 34% to £114m in 2014 on the back of a 6% increase in revenues, to £1.70bn.

A final dividend of 3p resulted in a full-year dividend of 4.5p, up 27% on 2013.

Pace’s chief executive Mike Pulli said it had been “a very successful year” for the company.

“Pace is continuing to evolve into a more profitable, cash generative business with a broader spread of offerings and customers and finishes the year in a strong position,” he said.

“During 2014, we have launched a record number of products across the globe and continued to lead the market in both product innovation and the service we deliver to our customers. Demand from our customers has remained strong and we continue to win new business.

“We are confident about our trajectory and are focused on making further progress in 2015 and beyond”.

Pace completed the acquisition of Aurora Networks for £130m at the start of 2014, which it described as “a great strategic addition” to the group.

Aurora manufactures products for broadband networks, which specialise in supporting the convergence of video, data and voice applications.

Mr Pulli added: “Aurora Networks has been a great strategic addition to the Pace Group, enabling Pace to widen out into network infrastructure and build deeper, more embedded relationships with our customers. The integration was achieved ahead of plan and the Networks business achieved a record year due to strong underlying customer demand.

“The board are confident that, through Aurora Networks, potential additional acquisitions and the ongoing delivery of our strategic plan, Pace will continue to strengthen its position as a market leading technology solutions provider for the PayTV and broadband industries and deliver further value to our shareholders.”